Jumoke Oduwole, the minister of industry, trade, and investment, says Nigeria is expanding its trade options beyond the United States (US), following the reintroduction of 15 percent tariffs by President Donald Trump.
In an interview on CNN’s Quest Means Business show, Oduwole
said Nigeria remains committed to its economic reforms and will not be drawn
into reactive trade disputes.
On August 1, Nigeria and some other African countries were
hit with a 15 percent import tariff following a sweeping executive order from
Trump.
According to the National Bureau of Statistics (NBS), the US
exported goods worth $4.3 billion to Nigeria last year, while Nigeria’s main
exports to the US — crude oil, fertiliser, and other commodities — were valued at over $5 billion.
“Nigeria remains responsive, not reacting. We’re focused on
our reforms — on President Bola Tinubu’s 8-point agenda,” the minister said.
Asked about the anticipated strain on Nigeria’s economy,
Oduwole acknowledged the challenges but noted that Nigeria’s strategy includes
expanding access to other markets.
“It’s mostly an energy trading relationship. We’re also
waiting to see what happens with the African Growth and Opportunity (AGOA) Act
in September,” she said.
“Non-oil exports such as fertiliser, lead, some cocoa, and
other commodities are performing well.
“Exports to the rest of Africa under the AfCFTA are up 24%
year-on-year in Q1. The world is a big place. We are not just focusing on the
US.”
Oduwole said Nigeria is strengthening trade ties with
Brazil, China, Japan, and the United Araab Emirates (UAE), while also doubling
down on support for domestic businesses.
“We have demand for urea fertiliser in Brazil. We’re looking
at partnerships across Asia and the Gulf,”
the minister said.
“The President is focused on supporting Nigerian businesses
with market access and access to capital.”
She reaffirmed Nigeria’s commitment to the US as a
“strategic trading partner,” but stressed that the nation is accelerating
efforts to diversify its trade footprint.
“We launched a commercial investment programme with the US
in June, focused on infrastructure, agriculture, and digital trade,” Oduwole
said.
“… the world is a big place. We have old friends, and we’re
making new ones.”
On broader economic progress, the minister said the use of
the term ‘potential’ when describing Nigeria’s economy is no longer apt.
“The word potential is overused. Nigeria is delivering now.
Even the toughest critics agree President Tinubu has stabilised the economy,”
she said.
Oduwole cited key reforms to include the foreign exchange
(FX) liberalisation, fuel subsidy removal, and an overhaul of Nigeria’s tax
infrastructure expected in early 2026.
She also said the “monetary, fiscal, and trade policies in
Nigeria are now aligned to deliver value for investors”.
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